Home Loans Mortgage: MERS, Banks Sued by New York State; MERSCORP Responds

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Feb 3, 2012 3:44PM

MERS, Banks Sued by New York State; MERSCORP Responds

Three major banks and Virginia-based MERSCORP, Inc. and its subsidiary Mortgage Electronic Registrations Systems ( MERS ) were sued Friday by the state of New York. The suit, filed by the state's Attorney General Eric T. Schneiderman , charges that the creation and use of a privately national electronic registration system, MERS, "has resulted in a wide range of deceptive and fraudulent foreclosure filings in New York state and federal courts, harming homeowners and undermining the integrity of the...

Feb 3, 2012 3:01PM

Mortgage Rates Higher Following Employment Report

The monthly Employment Situation Report was released at 8:30am this morning, with much better-than-expected results. Stocks rallied sharply and most every interest rate in fixed-income markets moved higher. The economic optimism created by this sort of data tends to increase demand for riskier investments like stocks and lower demand for things like fixed-income notes and bonds. MBS (the "mortgage backed securities" that most directly govern mortgage rates) fall into this fixed-income sector, and...

Calculating Current Coupon in a Record Low Rate Environment

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Micro News

1:54 PM:	NY Files Lawsuit Against Big Banks for Deceptive and Fraudulent Use of MERS
10:20 AM:	MBS Struggle to Hold Lows Following 2nd Round of Econ Data
10:10 AM:	ECON: Service Sector Growing Faster Than Expected - ISM
10:06 AM:	ECON: Factory Orders Rise, but Pace Slower Than Expected
8:54 AM:	First Signs That Bond Markets Have Stopped the Bleeding
8:33 AM:	ECON: Non-Farm Payrolls Crush Expectations. Positive Revisions
8:30 AM:	Major Upside Surprise for NFP. Bonds On The Retreat
8:21 AM:	Overnight Trading Suggests Markets Waiting on NFP

»View All Micro News

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Today's Comments

	"Why is there no debate about the failure of the residential real estate valuing process? We continue to analyze a 3-4 month period without a historical..."
	"I am seeing all the down to 3.25% on rate sheets for the 30/30 fixed. The points are high and spreads are wide, as you said, but it appears to be moving..."
	"Of course the underwater loans will be shifted from the banks' balance sheets to the taxpayer via FHA. The taxpayer is the unsuspecting patsy in the..."